Bytecoin

Bytecoin Crypto currency by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Bytecoin Cryptocurrency.

What Is Bytecoin Cryptocurrency?

Bytecoin (BCN) is the first cryptocurrency based on the CryptoNote technology with an open source code designed for anonymous cash settlement. BCN protects the user’s privacy with impassive and anonymous transactions.

This is a completely independent currency, developing separately from Bitcoin and its forks. The basis for the creation of Bytecoin was the unique CryptoNote technology.

Bytecoin is an open source software. Crypto currency uses the principle of Proof-of-work (“Proof of work performance”).

The algorithm for mining in Bytecoin differs in that it actively uses the AES command system for x86 microprocessors and a large amount of memory, which makes mining on the GPU less efficient than for Bitcoin.

It uses the unique CryptoNight algorithm. The essence of the algorithm is in the ring signature, which provides the maximum program anonymity for today. The cryptographic basis for the protocol was created by Ron Rivest, Adi Shamir and Yael Taumann in 2001, and finalized by E. Fujisaki and K. Suzuki in 2007. The EdDSA scheme proposed by the American mathematician Daniel Bernstein is used as the signature algorithm. Additional transaction obfuscation was added to this basis.

Due to CryptoNote and the obfuscation added to the protocol, passive mixing is provided: all transactions in the system are anonymous, and all participants in the system can use plausible deniability in the event of a capture.

Bytecoin advertises itself as a completely anonymous altcoin. Bytecoin offers the following features:

Unlimited instant payments globally: the Bytecoin network works as fast as the Internet. Confirmation is required for payment and Bytecoin transactions are processed in about 2 minutes.

Security: Bytecoin “protects the user’s money with secure and modern cryptographic algorithms” which “can not be hacked.” The creators of Bytecoin agree that breaking a crypto currency in the form of what is known as a 51% attack or majority attack, will require a lot of expensive electricity and the computing power of supercomputers.

Secure personal data: Bytecoin states that “it is absolutely impossible to obtain information about your financial transactions and the balance of your wallet” if you do not want to disclose your data. Only the user can manage data that partners and third parties can see.